Common use of Payments Conditioned on Release of Claims Clause in Contracts

Payments Conditioned on Release of Claims. To the extent any Deferred Compensation Separation Payments are conditioned on execution of a release of claims and such release could become effective in the calendar year following the calendar year in which Executive separates from service, the severance payments will be paid (or commence payment), beginning on the latest of (i) the first payroll period in the year following the Executive’s separation from service or (ii) the date the release becomes effective and irrevocable, or (iii) the minimum extent the payments must be delayed because Executive is a “specified employee.”